COLD CUTS: Smithfield Foods Inc. said Tuesday that it is laying off 120 more workers as part of its previously announced closure of a Virginia facility that makes hot dogs and deli meat. The Smithfield, Va.-based pork producer plans to close the Portsmouth plant in the middle of August, according to Smithfield executive Jeff Gough.
TAKEOVER: The closing comes amid the company's pending $4.72 billion takeover by China's largest meat producer under a deal struck last month with Shuanghui International Holdings Ltd.
THE PLANS: Smithfield Foods announced plans in 2011 to close the Virginia plant and shift production to a facility in Kinston, N.C. It said the 1970's-era plant cannot support needed manufacturing technology changes and product development.
- Investment & Company Information